February 01, 2008: 10:42 AM EST


NEW YORK, Feb. 1, 2008 (Thomson Financial delivered by Newstex) -- ImmunoGen Inc. (NASDAQ:IMGN) Friday said Biogen Idec Inc. (NASDAQ:BIIB) has submitted an investigational new drug application to the Food and Drug Administration for cancer drug BIIB015, triggering a $1.5 million milestone payment to ImmunoGen.

BIIB015 uses ImmunoGen's DM4 cell-killing agent with Biogen's Cripto-targeting antibody to target and treat solid tumors that express the Cripto antigen. The Biogen antibody targets the cancer cells and delivers the DM4 agent to those specific cells only.

In 2004, Biogen licensed the exclusive right to use the ImmunoGen technology for the attachment of the killing agent to Cripto antibodies. Under the terms of the deal, ImmunoGen is to receive milestone payments upon the achievement of certain events and receive royalties on the sales of any products that use the technology.

Biogen is responsible for product development, manufacturing and commercialization.

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